Bitcoin BTC price is holding steady near USD 30.5K, Ether ETH price is circling around USD 2.1K

Bitcoin (BTC) recently traded at $30,450, up 0.4% 24-hours ago and up more than 9% for the week, according to CoinDesk data. The largest cryptocurrency by market cap broke through $31,000 earlier in the day before retreating during US intraday (ET).

Ether (ETH) gained 5.4% on Friday and recently traded at $2,105. It’s up over 12% for the week.

“Ether and bitcoin have both seen bullish action after confirming base breakouts in late March, which are considered positive medium-term developments on their charts,” Will Tamplin, a senior analyst at technical research firm Fairlead Strategies, said in an email to CoinDesk.

Tamplin noted that ETH and BTC’s next major resistance levels are around $2,400 and $35,900, respectively, which are targeted over the next few weeks.

However, he added that as both assets “look extended in the near term… we wouldn’t rule out a pullback in the coming days to digest recent gains,” with initial support near $1,670 for ETH and $25,200 for BTC.

Greg Magadini, Director of Derivatives at crypto analytics firm Amberdata, emphasized in an interview with CoinDesk that the relative costliness of ETH calls versus puts in ETH — also known as risk reversal skew — is currently positive for all call-side expirations. formula. Magadini said that this trend “signals bullish activity in the sense that people are willing to pay more on the call side.”

Typically, a call buyer is bullish on the market while a put buyer is bearish.

Magadini noted that while Bitcoin has driven option volume, open interest and volatility this year, particularly as BTC surged in January and following last month’s banking crisis, “the Shapella upgrade is the first time we’ve breathe some life back into the Ethereum market,” he said.

“On Ethereum, developers have proven that they can realize their vision,” said Magadini. “We have reached an important milestone and this brings back validity and credibility to Ethereum.”

Meanwhile, several other altcoins jumped higher on Friday. The INJ of decentralized smart contracts platform Injective Protocol is up more than 28% over the past 24 hours to $8.64, while the FET of artificial intelligence-focused crypto protocol Fetch.ai is up 13% to 40 cents. Layer 2 Network Optimism OP rose 7% to $2.62.

Stocks closed lower on Friday as investors began to digest the earnings season: The S&P 500 and the tech-heavy Nasdaq closed down 0.2% and 0.3%, respectively. The Dow Jones Industrial Average (DJIA) fell 0.4% on the day.

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